Communication encryption software is computer software used for security purpose to protect the privacy of user communication from both the ends. It facilitates the encryption of the content such as personal chat, emails, and company data so that it is secured by unauthorized users. Encryption software encodes data or files by working with one or more encryption algorithms. Each file encrypted through encryption software requires a key to be decrypted to its original format and this unique key is created by the software itself and shared between the sender and receiver. Encrypted data is extracted using internet breach that cannot be retrieved into original form without the unique encryption key, which is available only with sender and receiver. File encryption, email encryption, and network encryption are commonly used types of encryption software. Encryption software is widely used by individual users and large enterprises to protect user information shared between two users; this information could include everything from payment data to personal information of the users.
COVID-19 scenario analysis:
- The sudden outbreak of the COVID-19 pandemic caused huge crisis across the world affecting the global economy and health. All the operations in industries and production units were shut down for an unspecified time period in the lockdown, which resulted in interruption of supply chain. The communication encryption software market survived in these critical times and was able to maintain stable growth rate. During the pandemic, companies adopted the work from the home model, which created a need to protect the important communication between the company officials.
- The increase in data transfer and huge consumption of data during the pandemic led to the growth of the communication encryption software industry. During the pandemic, there was a significant acceleration in the cases of cyber-attacks, which increased the demand for more encryption software.
Top impacting factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis
The rise in complexity and data breaches, rapid digitalization, and growing internet usage drive the growth of communication encryption software market. In addition, increasing saturation of mobile devices across businesses has amplified the risk of data loss among enterprises, which made executing encryption software necessary for safe data transmission driving the market growth. However, high cost of implementation and lack of awareness about encryption software among the employees hamper the growth of the market. Furthermore, rise in demand for cloud-based encryption software is expected to provide lucrative opportunities for the growth of the communication encryption software market.
The market trends for communication encryption software market are as follows:
Adoption of communication encryption software mainly in BFSI and retail segment
The BFSI and retail sector makes use of communication encryption software to protect user information of customers and financial details. This information is at high risk to data breach, which can result in misuse of the personal and financial data of users to perform unethical activities. The industry's complicated environment and increasing number of cyber threats create the need to secure private information and low-risk breaches. The implementation of cloud technologies & encryption technologies by these sector will lead to safeguard confidential information and reduce possibilities of data breaches.
Increased government regulations toward data encryption
The stringent government & state rules and regulations on data privacy and regulatory compliance made the businesses to strengthen their data security measures. With the growing number of strict regulations, businesses are adopting various data security technology to ensure that the confidential communication between the customers as well as companies and data is protected all the time. This drives the growth of the communication encryption software market.
Key benefits of the report:
- This study presents analytical depiction of the communication encryption software market along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the communication encryption software market share.
- The current market is quantitatively analyzed to highlight the market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed market analysis based on the present and future competitive intensity of the market.
Questions answered in the communication encryption software market research report:
- Who are the leading market players active in communication encryption software market?
- What would be the detailed impact of COVID-19 on communication encryption software market?
- What current trends would influence the communication encryption software market in the next few years??
- What are the driving factors, restraints, and opportunities in the market?
- What are the projections for the future that would help in taking further strategic steps?
Communication Encryption Software Market Report Highlights
By Deployment Model
By Enterprise Size
By Industry Vertical
Key Market Players
Trend Micro Inc., McAfee Corp, Cryptomathic LLC., CipherCloud Inc, International Business Machines Corporation, Dell Technologies Inc, Microsoft Corporation, Sophos Ltd, NortonLifeLock Inc, Check Point Software Technologies Ltd